BMI View: Tanzania's insurance market is set to grow rapidly, albeit from a very low base. A number oflarge regional providers have positioned themselves to take advantage of growth potential, primarily in thenon-life sector, and we are gradually seeing a broadening in the product offering, including moremicroinsurance products, which will make insurance more accessible for the large sections of thepopulation which fall into lower income brackets. In the life sector, significant education is needed in orderto raise awareness of the benefits of various life products, and though the market is currently small, futuregrowth potential is substantial.

Key Updates And Forecasts

- Limited knowledge and understanding of the benefits of insurance coverage remains a hindrance togrowth in Tanzania. Commissioner of Insurance and Chief Executive Officer of the Tanzania InsuranceRegulatory Authority (TIRA) Israel Kamuzora recently noted that certain non-life subsectors, such ashealth and crop/agriculture insurance, are two areas which would benefit from educational programmesand expanded distribution.

- Tanzania's insurers are proving adept at utilising technology, such as mobile phone payments and claims,to expand insurance coverage. This will support steady double-digit growth in the non-life insurancesector (in local currency terms) throughout the forecast period between 2016 and 2020, with non-lifepremiums increasing from TZS587.2.bn in 2016 to TZS958.3bn in 2020.

- We are also forecasting healthy growth in the nascent life sector. Life premiums are forecast to grow byan average of 14.1% annually between 2016 and 2020, meaning by the end of the forecast period lifeinsurance will account for some 12.6% of premiums written in the Tanzanian insurance market.

Summary The UK travel insurance market declined by 12.3% to £625.4m in gross written premium (GWP) in 2015. This is a result of fewer policies being written, in addition to rates that have been prevented ...